Ontology - Review November 2018
Cryptoindex is a tool for exposure to the cryptomarket and serves as a smart benchmark for all cryptocurrencies. The AI-based Cryptoindex algorithm is continuously analyzing more than 2000 coins applying over 200 factors, processing more than 1 million signals per second to provide a highly sophisticated index of the top 100 coins.
You can find our previous reviews here:
0x Protocol [ZRX] Review. November 2018.
Maker. Review - October 2018
Why Cryptoindex is unique?
Tezos. Review - September 2018
Binance Coin. Review
IOTA. Review. August - 2018
Cardano - review. Future plans.
Ripple - review. Further Perspectives
Litecoin. June'18 overview
The Dow Jones index. From where did it come to us?
Bitcoin Cash. June 2018 overview
Are cryptocurrency indices a new crypto market trend?
EOS. End of May'18 overview
Ethereum. May 2018 overview
Here on our Cryptoindex blog, we will be posting 100 articles about each of the top performing coins selected by our powerful AI algorithm#CIX100coinreview.
Today’s review: Ontology
What is Ontology?
Ontology Cryptocurrency (ONT) is a digital token used within the Ontology global network. The project was created in 2017 under the leadership of the Onchain company. The main task of the developers of Ontology is to create a platform that acts as a bridge between the real world and the digital one. The Ontology project will become a platform for the introduction of blockchain technology into various enterprises, financial and educational institutions that can interact with each other within the Ontology network. In addition, the Ontology network will be connected to a larger (public) blockchain, such as NEO.
The core of the Ontology project is a technology or principle named Ontology Trust Framework. It means that all members of the network will be able to express trust in specific companies through a vote, which will create a trusting ecosystem. One of the main parts of this structure is an anchor of trust, a user or a group of users who determine what they “trust” in and whom. The nodes connected to each other from each of these trust bindings form a kind of branch (which they call trust path), and it can be traced to a trusted binding.
Ontology is a multi-level network that allows companies to interact with each other. The developers created a decentralized application implemented on platforms such as NEO, Ethereum, EOS. Thanks to specially developed protocols and APIs, companies are able to develop the necessary blockchain solutions without the help of programmers. The management of companies can independently transfer the structure of the activities to the blockchain, using the Ontology platform as a consulting firm.
The structure has several levels. Firstly, it is a test of people, things, and services; then at the next level you have applications that also need to be tested; further, modules, APIs and protocols; the last level includes matching of the chain entity and data transfer.
An Ontology should be modular and flexible, giving enterprises the ability to change and expand things according to their own needs, rather than looking for ways to fit their own needs to the platform.
Ontology is a trust structure that focuses primarily on trust, authentication, and secure data transmission, while NEO is a more traditional block-code with a currency of its own, which focuses on transactions related to buying, selling, and trading assets.
Ontology is developed by Onchain, a private company focused on blockchain solutions, while NEO is a separate project fully funded by the community. Having NEO tokens gives you Ontology tokens when you start a network of ontologies. Technically, these two platforms are designed to work together, with an ontology that provides a secure trust structure, and ONT - a means for conducting transactions.
An interesting feature of the project is that the developers did not conduct an ICO or a sale. Today, the only way to get tokens is to distribute them to NEO cryptocurrency owners on the stock exchanges - airdrop. For each NEO coin, 0.2 ONT is issued. At the same time, 50% of the received tokens are available for trade. The next 50% are blocked. You can use the Neon Wallet wallet to store your digital asset.
All projects aimed at integrating modern technologies into an existing business will have a good future. The level of success a project will receive directly depends on the development team and marketing specialists. The success of Ontology depends solely on the Chinese government, which at the moment is “playing a long game” against blockchain projects and cryptocurrencies. As soon as China gives green light to the blockchain projects, we will immediately see a sharp influx of customers at such sites as Ontology and similar projects.
At the time this article was published, Ontology makes up 0.297% of the total of CryptoIndex portfolio.
You can always check the current CIX100 composition on our MVP platform: http://cryptoindex.ai/
Stay updated on our channels:
Follow CRYPTOINDEX on Telegram
Follow CRYPTOINDEX on Medium
Follow CRYPTOINDEX on Twitter
Follow CRYPTOINDEX on Facebook
Follow CRYPTOINDEX on Linkedin
Follow CRYPTOINDEX on Reddit